Finnish wave energy developer Wello has signed a letter of intent for two projects that total 30MW off the coast of India.
The letter of intent is with Ixin Group, a provider of engineering services in areas including energy and petrochemicals.
In collaboration with the Indian government, Ixin, which is part of Ixar Group, is interested in acquiring Wello’s Penguin Core package for the construction of 20MW and 10MW wave energy parks
The installations, which could be built by 2023, will be deployed on India’s west coast, near Mumbai, and on the east coast.
The authorities have already “welcomed the concept”, according to Wello, and the company said initial discussions were “encouraging”.
The developer said it is now in the process of applying for the government’s acceptance of the technology.
Wello is currently looking to raise €1-2.5m in exchange for equity between 4.34% and 10.18%.
Current projects include a three-unit array of 1MW Penguin machines at the European Marine Energy Centre off Orkney.
The first device sank in late March.
Future projects Wello is working on include the 10MW Nusa Lembongan scheme in Indonesia, which is in the design phase.